Welcome!

News Feed Item

RiT Continues Realigning Process to Position it for Future Growth: Announces Product Mix, Financing and Team Changes

TEL AVIV, Israel, December 13, 2012 /PRNewswire/ --

RiT Technologies (NASDAQ: RITT) today announced that it has recently taken additional steps for realigning the Company and better position it for the planned achievement of  growth and profitability in the future.

  • Discontinuation of legacy Carrier product line:
    With the goal of focusing the Company's resources fully on the development, sales and marketing of its high-potential IIM (Intelligent Infrastructure Management) and IWON (Indoor Wireless Optical Network) product lines, the Company has discontinued its legacy Carrier product line. As a result, the Company will record an inventory write-off totaling approximately $0.75 million in its fourth quarter financial results.
  • Strengthening of capital structure through debt-to-equity conversion transaction:
    With the goal of strengthening the Company's capital structure, STINS COMAN Inc., ("STINS COMAN"), The Company's principal shareholder, has signed with the Company a private Share Purchase Agreement for  converting an outstanding loan in the amount of approximately $3.8 million into 1,119,743 of the Company's ordinary shares at an approximate average price of $3.42 per share. This transaction is an addition to the previous conversions completed and announced in the past and is being executed under the terms stipulated in the Loan Agreement between RiT and STINS COMAN dated June 11, 2009, as amended. The completion of this transaction is subject to customary conditions, and the issuance of shares is expected to take place in the end of December 2012. Upon completion, STINS COMAN's holding will rise to approximately 85% of the Company's voting power.
  • Appointment of Elan Yaish as new CFO following resignation of Eli Gendler:
    Following the resignation of Mr. Eli Gendler, RiT's CFO, the Company has appointed Mr. Elan Yaish as its new CFO. A veteran financial professional, since 2006 Mr. Yaish has provided business, management and financial advisory services as an independent consultant to leading publicly-traded and privately-held companies, while also serving from 2010 to 2012 as CFO of Goji Ltd. Previously, Mr. Yaish served in a number of senior financial roles, including as CFO and VP Finance of Manchester Technologies, Inc., Assistant VP Finance of Comverse Technology, Inc. and VP Finance and Controller of Trans-Resources, Inc. Mr. Yaish began his career at Deloitte & Touche LLP. He is a licensed CPA in New York and a member of the AICPA and NYSSCPA.

Commenting on the news, Dr. Vadim Leiderman, RiT's President and CEO, said, "These important steps are additional incremental steps for returning the Company to growth and profitability expected in the future and based on totally unique, high-potential existing/in development product lines.

"I would like to take this opportunity to thank Eli Gendler for his services as CFO and to wish him well in his future endeavors, while also welcoming Elan Yaish, a qualified and experienced senior financial executive, to the RiT team. In addition, as so many times before, I would like to express our gratitude to STINS COMAN, the driving force behind RiT's, who is supporting our shift to address the phenomenal worldwide networking markets. We are grateful for their continued confidence as we move forward with our plans."

About RiT Technologies

RiT is a leading provider of comprehensive management solutions for today's mission-critical data centers and communication rooms. Through the deployment of RiT's IIM (intelligent infrastructure management), SMART Cabling™ and EPV™ real-time infrastructure management solutions, companies enhance both CAPEX and OPEX by increasing efficiency and improving automated processes. RiT's field-tested solutions are delivering value in thousands of installations for top-tier enterprises and operators throughout the world. RiT's shares are traded on the Nasdaq exchange under the symbol RITT. http://www.rittech.com

Safe Harbor Statement

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe,""anticipate,""expect,""plan,""intend,""estimate", "forecast", "target", "could" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For example, when we mention the plan to achieve growth and profitability we are using a forward looking statement. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described under the heading "Risk Factors" in our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, which may be revised or supplemented in subsequent reports filed with the SEC. These factors include, but are not limited to, the following: our ability to raise additional financing, if required; the continued development of market trends in directions that benefit our sales; our ability to maintain and grow our revenues; our dependence upon independent distributors, representatives and strategic partners; our ability to develop new products and enhance our existing products; the availability of third-party components used in our products; the economic condition of our customers; the impact of government regulation; and the economic and political situation in Israel. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

COMPANY CONTACT:
Vadim Leiderman, President and CEO
+972-77-270-7200
[email protected]


SOURCE RiT Technologies Ltd

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, discussed new ways of thinking and the approaches needed to address the emerging challenges of security i...
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I will be talking about ChatOps and ChatOps as a way to solve some problems in the DevOps space," explained Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...
"We are an IT services solution provider and we sell software to support those solutions. Our focus and key areas are around security, enterprise monitoring, and continuous delivery optimization," noted John Balsavage, President of A&I Solutions, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, discussed the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Karthik Lalithraj, a Principal Solutions Architect at Kinetica, discussed how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.